Spain Debt Auction Exceeds Target, Yields Rise

The Treasury said Thursday that it received EUR 979 million from the auction of bonds maturing in July 2015 and EUR 764 million from January 2017 bonds.

The bid-to-cover ratio for 3-year bonds rose to 2.9 from 2.4 times in the March auction. Likewise, demand for 5-year bonds exceeded the issue by 3.7 compared to 2.7 times at the prior auction in February.

The average yield on 3-year bonds rose to 4.037 percent, from 2.617 percent on March 1. The yield for 5-year bonds came in at 4.752 percent, up from 3.565 percent.

The treasury also raised EUR 773 million from bonds maturing in July 2017, at a yield of 4.96 percent. The issue was 3.1 times subscribed.

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